POST UTME UNIBEN 2021 Accounting | Objective

Are you preparing for POST UTME UNIBEN exams? Reviewing past questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2021 Accounting (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 5,000 shares of ₦ 10 each at a premium of ₦ 2 per share. Calculate the total amount received from the issue of shares.
A. ₦ 50,000
B. ₦ 100,000
C. ₦ 150,000
Correct D. ₦ 200,000

Correct Answer: D

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Question 2
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | ₦ 1,000 | | | 2nd Jan | Sales | | ₦ 500 | | 3rd Jan | Cash | | ₦ 200 | | 4th Jan | Purchases | ₦ 300 | | | 5th Jan | Cash | | ₦ 400 | What is the balance of the cash account?
A. ₦ 1,200
B. ₦ 1,300
Correct C. ₦ 1,400
D. ₦ 1,500

Correct Answer: C

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Question 3
A company's bank statement shows the following: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Bank Charge | ₦ 50 | | | 2nd Jan | Cheque | | ₦ 500 | | 3rd Jan | Bank Interest | | ₦ 100 | | 4th Jan | Cheque | ₦ 300 | | | 5th Jan | Bank Transfer | | ₦ 400 | What is the balance of the bank account?
A. ₦ 1,350
B. ₦ 1,450
Correct C. ₦ 1,550
D. ₦ 1,650

Correct Answer: C

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Question 4
A company has the following manufacturing costs: | Department | Cost | | --- | --- | | Raw Materials | ₦ 10,000 | | Labour | ₦ 20,000 | | Overheads | ₦ 30,000 | What is the total manufacturing cost?
A. ₦ 60,000
B. ₦ 70,000
Correct C. ₦ 80,000
D. ₦ 90,000

Correct Answer: C

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Question 5
A company has the following incomplete records: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | ₦ 1,000 | | | 2nd Jan | Sales | | ₦ 500 | | 3rd Jan | Cash | | ₦ 200 | | 4th Jan | Purchases | ₦ 300 | | | 5th Jan | Cash | | ₦ 400 | What is the balance of the cash account?
A. ₦ 1,200
B. ₦ 1,300
Correct C. ₦ 1,400
D. ₦ 1,500

Correct Answer: C

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Question 6
A company has two departments, A and B. Department A has a balance of ₦120,000 in its control account, and department B has a balance of ₦80,000 in its control account. The total assets of the company are ₦400,000. If the company's total liabilities are ₦200,000, what is the balance in department A's control account after adjusting for the company's total liabilities?
A. ₦100,000
B. ₦120,000
Correct C. ₦140,000
D. ₦160,000

Correct Answer: C

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Question 7
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦12,000,000, what is the amount received from the issue of shares?
A. ₦10,000,000
B. ₦11,000,000
Correct C. ₦12,000,000
D. ₦13,000,000

Correct Answer: C

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Question 8
A company has a cash book balance of ₦150,000. If the company's bank statement balance is ₦180,000, and there is a difference of ₦10,000, what is the amount of the bank reconciliation?
A. ₦5,000
Correct B. ₦10,000
C. ₦15,000
D. ₦20,000

Correct Answer: B

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Question 9
A company has a manufacturing account balance of ₦200,000. If the company's cost of goods sold is ₦300,000, and the company's selling price is ₦400,000, what is the profit made by the company?
A. ₦50,000
B. ₦100,000
Correct C. ₦150,000
D. ₦200,000

Correct Answer: C

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Question 10
A company has a control account balance of ₦100,000. If the company's total assets are ₦500,000, and the company's total liabilities are ₦200,000, what is the balance in the company's control account after adjusting for the company's total liabilities?
A. ₦50,000
B. ₦100,000
Correct C. ₦150,000
D. ₦200,000

Correct Answer: C

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Question 11
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. The profit-sharing ratio is 3:2. If the profit for the year is ₦750,000, calculate the amount of profit that will be shared by A.
Correct A. ₦450,000
B. ₦525,000
C. ₦600,000
D. ₦675,000

Correct Answer: A

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Question 12
A company issues 10,000, 9% debentures of ₦100 each. If the company pays an annual interest of ₦45,000, calculate the amount of interest that will be paid on the debentures.
A. ₦4,500
B. ₦4,500,000
Correct C. ₦45,000
D. ₦450,000

Correct Answer: C

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Question 13
A government agency has a budget of ₦1,500,000 for the year. If the agency spends ₦1,200,000 on salaries and ₦300,000 on equipment, calculate the amount of money left in the budget.
A. ₦0
B. ₦50,000
C. ₦100,000
Correct D. ₦500,000

Correct Answer: D

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Question 14
A company uses a self-balancing ledger to record its transactions. If the company has a debit balance of ₦200,000 and a credit balance of ₦150,000, calculate the net balance.
Correct A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000

Correct Answer: A

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Question 15
A manufacturing company produces two products, A and B. Product A requires 2 hours of labor and 3 hours of machine time, while product B requires 3 hours of labor and 2 hours of machine time. If the company has 10 hours of labor and 12 hours of machine time available, calculate the maximum number of units of product A that can be produced.
A. 10 units
B. 15 units
Correct C. 20 units
D. 25 units

Correct Answer: C

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Question 16
A company uses the straight-line method of depreciation for its assets. If the asset's cost is ₦1,500,000 and its useful life is 5 years, what is the annual depreciation charge?
A. ₦300,000
Correct B. ₦150,000
C. ₦75,000
D. ₦30,000

Correct Answer: B

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Question 17
A bank's cash book shows a balance of ₦2,500,000. However, the bank statement shows a balance of ₦2,800,000. What is the difference between the two balances?
Correct A. ₦300,000
B. ₦200,000
C. ₦100,000
D. ₦50,000

Correct Answer: A

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Question 18
A company's trial balance shows the following balances: Accounts Payable ₦1,200,000, Sales Revenue ₦2,500,000, Cost of Goods Sold ₦1,800,000. What is the company's net income?
A. ₦700,000
Correct B. ₦800,000
C. ₦900,000
D. ₦1,000,000

Correct Answer: B

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Question 19
A company uses the double-entry system of accounting. If the company purchases an asset for ₦1,000,000 and pays for it in cash, what is the journal entry?
A. Debit Cash ₦1,000,000, Credit Asset ₦1,000,000
B. Debit Asset ₦1,000,000, Credit Cash ₦1,000,000
Correct C. Debit Cash ₦1,000,000, Credit Asset ₦1,000,000
D. Debit Asset ₦1,000,000, Credit Cash ₦1,000,000

Correct Answer: C

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Question 20
A company's balance sheet shows the following balances: Assets ₦5,000,000, Liabilities ₦2,000,000, Equity ₦3,000,000. What is the company's net worth?
A. ₦1,000,000
B. ₦2,000,000
Correct C. ₦3,000,000
D. ₦4,000,000

Correct Answer: C

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Question 21
A company's cash book shows a credit balance of ₦15,000. However, the bank statement shows a debit balance of ₦10,000. What is the correct balance of the company's cash account?
A. ₦25,000
Correct B. ₦5,000
C. ₦20,000
D. ₦15,000

Correct Answer: B

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Question 22
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. If the profit is shared in the ratio 3:2, what is the amount of profit to be distributed to partner A?
Correct A. ₦20,000
B. ₦30,000
C. ₦25,000
D. ₦40,000

Correct Answer: A

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Question 23
A company's trading account shows a profit of ₦100,000. However, the profit and loss account shows a loss of ₦50,000. What is the correct net profit or loss of the company?
A. ₦50,000
B. ₦100,000
C. ₦150,000
Correct D. ₦0

Correct Answer: D

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Question 24
A company's balance sheet shows an asset of ₦200,000. However, the depreciation account shows a debit of ₦50,000. What is the correct carrying value of the asset?
Correct A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000

Correct Answer: A

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Question 25
A company's bank reconciliation statement shows a difference of ₦10,000. What is the correct reason for the difference?
A. Bank error
B. Company error
Correct C. Both bank and company errors
D. Neither bank nor company errors

Correct Answer: C

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